The research house has maintained its “overweight” rating on the O&G sector and revised its target Brent crude oil forecasts for 2023-2024 at US$85 per barrel and for 2025 at US$80 per barrel.“Downside risks to our projections include reactivation of spare capacity from the Organisation of the Petroleum Exporting Countries in the near term, China’s slower-than-expected oil demand growth and de-escalation of geopolitical conflicts,” it said in a note today.
The investment bank said the US SPR is at its lowest level since 1983 at 351 million barrels as of September 2023.
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